Pending approval from the Public Utilities Commission of Nevada, the 25-Year agreement would provide the highest percentage of solar power available to Sphere and includes a dedicated portion of a battery facility to maximize availability of renewably sourced power late into the evening
LAS VEGAS, August 24, 2023 — Sphere Entertainment Co. (NYSE: SPHR) today announced it has submitted a 25-year agreement with NV Energy, the primary electric utility in Nevada. If approved by the Public Utilities Commission of Nevada, the agreement will provide the highest amount of dedicated solar power available to Sphere, making it a model for renewable energy use by entertainment venues around the country.
As part of the agreement, Sphere is maximizing the amount of available green power serving the venue by using a dedicated renewable and battery storage resource being developed by NV Energy. For any portion of electricity that is not derived from renewable sources, Sphere will voluntarily acquire certified renewable energy credits to fully mitigate the impact of emissions from the creation of electricity for the venue.
In announcing the agreement, Rich Claffey, Executive Vice President and Chief Operations Officer of Sphere, said, “Just as Sphere is setting a new standard for immersive live entertainment, the venue is also setting an industry standard when it comes to renewable energy. From the outset, we designed Sphere to minimize environmental impact and to help create a sustainable operation well into the future. We’re proud to enter into this agreement with NV Energy and partner with them to achieve both of those important goals.”
“NV Energy is proud to partner with Sphere on our shared vision and commitment to growing our renewable resources,” said Tony Sanchez, NV Energy’s Executive Vice President of Business Development and External Affairs. “NV Energy has consistently exceeded the state’s renewable portfolio standard and is well on its way to meeting Nevada’s renewable portfolio goal of 50 percent by 2030. We enjoy working with customers who share that same vision and view this agreement as a win for both the company and the state as a whole. Overall, this is a balanced outcome for everyone.”
Sphere was designed to achieve high standards of sustainability and to minimize energy consumption. The venue’s exterior and interior LED screens utilize the most energy-efficient lighting available today and the venue’s advanced distributed heating and cooling system avoids wasteful reheating. Additionally, Sphere’s data centers have been designed to conform to state-of-the-art energy-efficient hot-aisle containment strategies and in-row cooling.
Sphere Entertainment estimates that, based on its forecasted usage, approximately 70 percent of its power will be derived from dedicated solar and battery resources. The new NV Energy solar and battery facility, if approved by the Public Utilities Commission of Nevada, will serve Sphere as well as other NV Energy customers. In advance of the solar and battery storage facility, Sphere will voluntarily acquire renewable energy credits to mitigate the impact of all non-renewable sources of power.
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About Sphere:
Sphere is a next-generation entertainment medium that will bring wonder to the world and redefine the future of live entertainment. A venue where the foremost artists, creators, and technologists will create extraordinary experiences that take storytelling to a new level and transport audiences to places both real and imagined. The venue will host original Sphere Experiences from leading Hollywood directors; concerts and residencies from the world’s biggest artists; and premier marquee events. The first Sphere venue is currently under construction in Las Vegas and expected to open on September 29, 2023. It will be a new Las Vegas landmark, powered by cutting-edge technologies that ignite the senses and enable audiences to share experiences at a never-before-seen scale. More information is available at thespherevegas.com.
About Sphere Entertainment Co.
Sphere Entertainment Co. (NYSE: SPHR) is a premier live entertainment and media company. The Company includes Sphere, a next-generation entertainment medium powered by cutting-edge technologies to redefine the future of entertainment. The first Sphere venue is currently under construction in Las Vegas. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a direct-to-consumer and authenticated streaming product, MSG+, delivering a wide range of live sports content and other programming. More information is available at sphereentertainmentco.com.
About NV Energy
NV Energy provides a wide range of energy services to more than 1.5 million customers throughout Nevada and a typical annual tourist population of 54 million. NV Energy, Inc. is a holding company whose principal subsidiaries, Nevada Power Company and Sierra Pacific Power Company, do business as NV Energy. NV Energy is headquartered in Las Vegas, Nevada. Information about NV Energy is available on the company’s website, LinkedIn, Instagram, Facebook, Twitter and YouTube pages, which can be accessed via nvenergy.com.